Yes, you have contemplated purchasing a brand-new home and creating memories there! We have also learned how convenient working from home is, though with everyone staying in, we might need a bigger house.
Our goal is to assist you.
A quick search for “new homes for sale near me” reveals your familiar neighborhood and incentives provided by real estate developers, such as lowered asking prices, stamp duty exemptions, and even free air conditioning!
The purchase of real estate, however, is a significant decision, unlike a shoe or a phone, which you can return if they do not fit you well. We therefore share the knowledge we have gained over the years and provide you with a list of steps to take before making the purchase.
Become familiar with the real estate market.
You have spoken with your family and friends and observed newspaper advertisements. But before you dive in, you should have firsthand knowledge of Bangalore’s real estate market and realtors. Recognize the fundamentals of residential real estate at best cities, including the various property types and land tenures. The different types of home loans, the repayment policies, and qualities to look for in a reputable real estate developer are also covered.
Housing options: renting vs. buying
Are you considering moving for work? Are you accumulating assets for retirement? Do you have any expenses for your kids’ education?
It all depends on what you want when deciding whether to rent or buy a home. If you plan to stay in your home for more than five years, it is allegedly cheaper to buy it than to rent it. You can also use a number of buy vs. rent calculator apps.
Rent-free living is a benefit of home ownership, and after your mortgage is paid off, the house is completely yours. Renting has the benefit of allowing you to live in a more expensive rental.
Your answers will serve as a guide. Ask yourself a few questions about where you see your future going.
The amount you can afford
Determine how much you can set aside each month to pay off your mortgage to help you decide where to buy, how much to spend, and what kind of renovations to make. Most financial professionals advise against having monthly payments that are more than one-third of household income.
Prior to beginning, you must also complete your risk assessment and, if applicable, submit a pay stub for the previous three months. Banks will examine your debt-service ratio as well as your credit card and auto loan repayment histories. For the time being, just keep in mind this calculation:
investigating the area
Examine the local areas to learn about public transportation, if applicable, the location of schools, as well as nearby shopping and entertainment.
Investigate price points.
Calculate the location’s median property price per square foot. additionally to the typical unit size and the quantity of bedrooms. When it comes time for negotiations, this gives you negotiating power.
Make a total cost analysis for the bigger picture.
Calculate your income and the projected expenses, including the down payment, before the taxing on-site visits. The typical down payment for a home purchase is 10% of the total cost, with a bank loan financing the remaining balance.
A further 10% of the purchase price must be set aside to cover the costs of hiring a lawyer, paying for stamp duties, and other valuation fees. While some developers cover some of these expenses, buyers are still responsible for the remainder.
Lastly, start your search for a home.
What kind of residence are you seeking? a villa, a house, a large complex, a condo, or an apartment?
You can choose the locations you want to visit with the aid of a number of top real estate websites.
Don’t forget to look into the builder’s reputation. Perform your own research on Bangalore realtors and their websites, in addition to glossy brochures and lovely sample flats. Verify a realtor’s reputation by looking at how easy it is to find contact information, client testimonials, resident feedback, and construction history. Recognize their dedication to the environment, recycling programs, and moral building practices.
Engaging a real estate agent and other professionals
For unlisted properties, some people prefer to hire an agent to conduct the search. Some people favor using agents in place of laborious, time-consuming procedures. Instead of paying the fee, which is typically 2% of the purchase price, some people conduct their own research.
It is advised to hire a lawyer of your choosing to draft and sign the agreements, even if the developer is paying for the legal fees. There is no requirement that you involve these experts; whatever you choose will depend on what you feel comfortable doing.
The conclusion
You pick up the keys to your new home once all the paperwork is finished and the down payment is made. When the house is finished, you can start having fun with the interior design and organizing the housewarming party! The average wait time for the construction to be finished is two years.
You should be able to fill in any knowledge gaps in home buying after reading this overview. Keep in mind that the entire process will be less stressful if you do more research on the procedures before you even begin.
